Industry in Azerbaijan

Azerbaijan Industry | Economic News & Forecasts

Azerbaijan - Industry

Growth kicked into a higher gear than the 2021 average in January-April, largely thanks to stronger activity in the non-oil and gas sector. Despite posting no more than moderate growth at the outset of the year, activity in the oil and gas sector appears to be gaining steam in Q2, on the back of soaring energy prices and as EU countries seek alternatives sources of supply to Russia. This drove an increase in oil and gas investment between January and April, helping to offset a sharp decline in investment in the non-oil and gas sector. However, the war in Ukraine is likely beginning to bite the Azeri economy via soaring inflation and lower remittances inflows from Russia, boding ill for private spending. Meanwhile, Armenia and Azerbaijan are reportedly inching closer to a peace deal, but the status of the disputed Nagorno-Karabakh region remains unresolved.

Azerbaijan - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)2.4  -0.5  -3.4  1.5  1.8  

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Azerbaijan Industry Chart

Azerbaijan Industry
Note: Industrial production, annual variation in %.
Source: State Statistical Committee

Azerbaijan Facts

Value Change Date
Exchange Rate1.70-0.66 %Jan 01
Stock Market0.10.0 %Jan 07

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